SMIC, Wuxi Bio lead Hong Kong rally after Trump changes tune on TikTok ban
President-elect’s softening stance on the Chinese video app may lead to improvement in US-China ties
The Hang Seng Index rose 0.8 per cent to 19,883.13 at the close. The benchmark dropped 1.3 per cent last week. The Hang Seng Tech Index gained 0.3 per cent.
Trading in Hong Kong will be muted this week because of the Christmas holiday; investors are expected to stay on the sidelines. Turnover on Monday was 24 per cent below the 30-day average, according to Bloomberg data. The Hong Kong exchange will be open for morning trading on Tuesday and then will be shut through Thursday.
On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index retreated 0.5 per cent.
In a speech to conservative supporters in Phoenix, Arizona, Trump said he opposes TikTok’s exit from the US market, a shift in his rapidly changing stance on the popular social media app. The US Senate passed a law in April requiring TikTok’s Chinese parent company, ByteDance, to sell the app, citing national security concerns.
